Forward Looking Statements

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "intends," “outlook,” “strategy,” “optimistic,” “will,” “could,” “should,” “may,” “focus,” “seek,” “potential,” “continue,” “goal,” “target,” “objective,” derivations thereof, and similar terms and phrases.  In this press release, such statements may include, but are not limited to, statements in the "Outlook" section, statements regarding the freight environment, future utilization, the expected impact of the Company’s realignment plan, the Company’s spot market exposure, cost structure, Truckload operations and OTR division, and any other statements concerning: any projections of earnings, revenues, cash flows, capital expenditures, compliance with financial covenants, or other financial items; any statement of plans, strategies, or objectives for future operations; any statements regarding future economic or industry conditions or performance; and any statements of belief and any statements of assumptions underlying any of the foregoing. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those in the forward-looking statements: general economic conditions, including inflation and consumer spending; political conditions and regulations, including future changes thereto; changes in tax laws or in their interpretations and changes in tax rates; future insurance premiums and claims experience, including adverse changes in claims experience and loss development factors, or additional changes in management's estimates of liability based upon such experience and development factors that cause our expectations of insurance premiums and claims expense to be inaccurate or otherwise impacts our results; impact of pending or future legal proceedings; future market for used revenue equipment and real estate; future revenue equipment prices and availability; future capital expenditures, including equipment purchasing and leasing plans and equipment turnover (including expected trade-ins); fleet age; future depreciation and amortization; changes in management’s estimates of the need for new tractors and trailers; future ability to generate sufficient cash from operations and obtain financing on favorable terms to meet our significant ongoing capital requirements; our ability to maintain compliance with the provisions of our credit agreement; freight environment, including freight demand, rates, capacity, and volumes; future asset utilization; loss of one or more of our major customers; our ability to renew dedicated service offering contracts on the terms and schedule we expect; surplus inventories, recessionary economic cycles, and downturns in customers' business cycles; strikes, work slowdowns, or work stoppages at the Company, customers, ports, or other shipping related facilities; increases or rapid fluctuations in fuel prices, as well as fluctuations in surcharge collection, including, but not limited to, changes in customer fuel surcharge policies and increases in fuel surcharge bases by customers; interest rates, fuel taxes, tolls, and license and registration fees; increases in compensation for and difficulty in attracting and retaining qualified professional drivers and independent contractors; independent contractors we contract could be deemed by regulators or the judicial process to be employees; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, intermodal, and brokerage (including digital brokerage) competitors; changes in regulatory requirements that increase costs, decrease efficiency, or reduce the availability of drivers; safety-related evaluations and rankings under the Federal Motor Carrier Safety Administration’s Compliance, Safety, Accountability program; increasing attention on environmental, social and governance matters; future safety performance; our ability to reduce, or control increases in, operating costs; future third-party service provider relationships and availability; execution of the Company’s current business strategy or changes in the Company’s business strategy; the ability of the Company’s infrastructure to support future organic or inorganic growth; our ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to adapt to changing market conditions and technologies, including the future use of autonomous tractors; disruptions to our information technology; the cost of and our ability to effectively and efficiently implement technology initiatives; costs, diversion of management’s attention, and potential payments made in connection with the multiple class action lawsuits a stockholder derivative lawsuit arising out of our IPO;  credit, reputational and relationship risks of certain of our current and former equity investments; the dual class structure of our common stock has the effect of concentrating voting control with certain members of the Fuller and Quinn families, which limits or precludes the ability of other stockholders to influence corporate matters; our ability to maintain effective internal controls without material weaknesses; and the impact of the coronavirus outbreak or other similar outbreaks. Readers should review and consider these factors along with the various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.

About U.S. Xpress

Investor Contact

Matt Garvie

Vice President, Investor Relations

(423)-633-7153

mgarvie@usxpress.com 

Condensed Consolidated Income Statements (unaudited)
		Quarter Ended December 31,								Year Ending December 31,
(in thousands, except per share data)		2022				2021				2022				2021
Operating Revenue:
Revenue, excluding fuel surcharge		$	475,209			$	487,280			$	1,896,149			$	1,794,278
Fuel surcharge			67,242				44,325				265,021				154,248
Total operating revenue			542,451				531,605				2,161,170				1,948,526
Operating Expenses:
Salaries, wages and benefits			187,432				174,538				726,308				619,983
Fuel and fuel taxes			87,335				51,973				328,037				182,875
Vehicle rents			29,254				24,375				104,121				90,085
Depreciation and amortization, net of (gain) loss			25,456				16,880				82,289				81,976
Purchased transportation			118,710				175,969				533,014				634,271
Operating expense and supplies			47,822				42,138				191,654				147,779
Insurance premiums and claims			28,283				24,424				115,735				83,376
Operating taxes and licenses			3,883				4,297				15,663				14,490
Communications and utilities			3,741				4,610				14,856				12,639
General and other operating			16,203				17,511				71,643				62,623
Total operating expenses			548,119				536,715				2,183,320				1,930,097
Operating Income (Loss)			(5,668	)			(5,110	)			(22,150	)			18,429
Other Expenses (Income):
Interest expense, net			6,073				3,716				19,054				14,532
Other, net			2,107				452				10,838				(7,677	)
			8,180				4,168				29,892				6,855
Income (Loss) Before Income Taxes			(13,848	)			(9,278	)			(52,042	)			11,574
Income Tax Provision (Benefit)			(3,323	)			(4,299	)			(13,179	)			433
Net Income (Loss)			(10,525	)			(4,979	)			(38,863	)			11,141
Net Income attributable to non-controlling interest			686				307				1,594				271
Net Income (Loss) attributable to controlling interest		$	(11,211	)		$	(5,286	)		$	(40,457	)		$	10,870
Income (Loss) Per Share
Basic earnings (losses) per share		$	(0.22	)		$	(0.10	)		$	(0.79	)		$	0.22
Basic weighted average shares outstanding			51,602				50,598				51,311				50,370
Diluted earnings (losses) per share		$	(0.22	)		$	(0.10	)		$	(0.79	)		$	0.21
Diluted weighted average shares outstanding			51,602				50,598				51,311				52,167